All articles by Verdict Staff
Verdict Staff
Card spending in Korea still on a high
Credit card spending in South Korea rose to a five-year high in the last quarter of 2007, raising concerns of yet another credit crunch to hit the country after it barely recovered from 2002s crisis.
GE Money predicts tougher US credit market in 2008
Global consumer lending giant GE Money is considering selling part of its private-label card portfolio in a bid to shore up its financial position amid an uncertain, but increasingly gloomy, economic outlook for the US in 2008 On 11 December, GE, the parent company of GE Money, hosted a presentation on its outlook for 2008, saying that it may sell or partner with other companies to combine costs for its private-label credit card operations I think we could partner or exit in private-label credit cards, GE CEO Jeff Immelt commented during the presentation. GE Moneys private-label programmes encompass several large-scale US merchant card portfolios, such as Wal-Mart, eBay and Gap
Pushing the prepaid boundaries
Newcastle Building Society has emerged as one of the foremost prepaid card issuers in the UK and it is now looking to extend its reach across Europe.Victoria Conroy spoke to Kriya Patel, head of cards solutions, about his view of the development of prepaid so far, and how the organisation is looking to drive further growth.
European Commission revises e-money legal framework
Back in 2000, when the growth of e-commerce gave birth to the concept of consumers making purchases with electronic money (e-money), the usage of e-money across Europe was something that initially was viewed as having great potential, but a fragmented and confusing legal backdrop has hindered its take-up.Attempts have been made by regulators to clarify the legal aspects of e-money issuance since 2000, most notably in the form of the E-Money Directive, which was intended to address the activities of non-banks in e-money, but the situation remains murky for many e-money providers.
Metavante moves into Europe
Having made a name for itself in the US processing market, Metavante now has its sights on increasing its presence in the European prepaid and debit processing market. Roy Driver spoke to Dan Shannon, managing director of Metavante in Europe, about the companys structure and its plans going forward.
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Prepaid gets a reality check
At this years Prepaid Cards Summit, hosted by Cards International, delegates were given realistic insights into the true potential of prepaid worldwide, along with glimpses of ground-breaking research presented for the first time.
European Central Bank calls for urgent action on SEPA
The European Central Bank (ECB) has called for an overhaul of governance and management of the European Payments Council (EPC) in its sixth progress report on the development of the Single Euro Payments Area (SEPA). The ECB has welcomed the mostly positive developments in the SEPA initiative since the previous progress report was published in mid-2007, but notes that motivation for the project has been fading away among market participants. In relation to SEPA for Cards, the ECB is urging the payment industry to set itself more ambitious goals in the field of card payments, and has re-emphasised its wish to see the emergence of a new European card scheme to rival Visa and MasterCard.
Play safe’ with rewards cards
Rewards and incentive prepaid solutions have been touted as a promising new market for financial institutions, but a new report is urging banks to tread carefully, especially when it comes to their involvement in prepaid solutions Health care expenditure in the US shows no sign of slowing down any time soon, and the sector is attracting the attention of financial institutions who are hoping to grab a share of a market which is expected to achieve total expenditure of $2.4 trillion in 2008.
News Digest
Mobile credit card payments from Cincinnati duoTwo companies headquartered in the US city of Cincinnati, electronic payment processor Infintech and telecommunications company Cincinnati Bell, have teamed up to offer a credit card payment service, MobileCharge to companies with mobile workforces.
News Digest
Intuit finally lands ECHO…Mobilians gets underway in the US…Hypercom expands European reach…Mobile contactless payment arrives in Australia… Intuit, a US company best known as a vendor of accounting software, has acquired Electronic Clearing House (ECHO) a California based electronic payments processor in a deal worth $131 million